Gold traded sideways on Tuesday as the dollar weakened and investors sought more clarity on the "phase one" trade deal between the United States and China. On the other hand, Crude oil traded higher near three-month highs, supported by last week's announcement that an initial trade deal had been reached between the United States and China.
Today, traders should concentrate on the Building Permits and Industrial Production m/m from the house of the US
which will impact metal, the Bullions, and the Energy segment. If the forecast figure match with the actual data then the possible impact are as follows:
Technical Levels
GOLD (DEC)
Support at 37800 and Resistance at 38000.
Break and sustain above 38000 will take it to 38250-38400 or else it
could test its support again.
Fresh selling will do on a close below 37800.
Trade with the levels, only.
Silver (March)
Support is at 44100 and resistance is at 44650
Break and sustain above 44650 will take it to 45000-45300 or else it
could test its support again,
Fresh selling will do on a close below 44100.
Trade with the levels only.
CRUDE OIL (Dec)
Support at 4230 and resistance at 4280.
Break and sustain above 4280 will take it to 4330--4350 or else it could
test its support again.
Fresh selling will do on a close below 4230.
Trade with the levels only.
Natural Gas (Dec)
Support at 164 and resistance at 169.
Break and close above 169 will take it to 175 -180 or else it could test its
support again.
Fresh selling will do on a close below 164.
Nickel
Support at 1025 and Resistance at 1040.
at and close above 1040 will take it to 1055-1060 or else it could test
its support again.
Fresh selling will do on a close below 1025.
Trade safely with the levels only.
Copper (Dec)
Support at 442 and Resistance at 445.50.
Trade within the range and wait for the confirmation.
More will update soon...
